Home Buying in Washington>Question Details

elleblackmon, Both Buyer and Seller in Washington, DC

Should I sell my Ward 7 EoR home on hold onto it?

Asked by elleblackmon, Washington, DC Tue Mar 25, 2014

I own a home in Deanwood, off of Minnesota and E. Capitol St. I see some development in this area, such as the new apt. bldg. at Minn/Benn. But I need to know if it's worth my holding on or should I should sell and move? I see development moving faster in other areas of EOR and am concerned this will be another 5-10 years. I'd appreciate how long experts anticipate before this becomes a walkable neighborhood. Will I be happy or regret staying here in 5 years? Should I hold on to my home or try to move back west of the river before it's too late and I can't afford it. I thought I'd turn a profit but it's really slow. I've been here 7 years.

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6
Hello Elle Blackmon,


How are you doing? Hope all is well. Check out this blog that I wrote on Deanwood DC Real Estate Market Report. Hope you find it helpful for you. http://activerain.com/blogsview/4349898/deanwood-dc-zip-code…

http://www.buyandsellnewhomes.com
0 votes Thank Flag Link Thu Mar 27, 2014
Dear Homeowner.

We work in the Deanwood area and primarily rely on our in depth research to predict market trends. We have state of the art statistical tools we specifically use that measure a number of key factors we have identified as reliable indicators of development. Many of our clients in the Deanwood area have asked us the exact same question you are concerned with. However, we do not use a cookie cutter approach but provide consultation based on each of our clients specific needs and goals.

If you are interested, we would be more than glad to prepare a free report as well as a complimentary consultation for you so you have an idea of all your options.

Thank you,

Danilo Antezana
1 vote Thank Flag Link Wed Mar 26, 2014
Home values are increasing all over the DC area. While most expect the value if your home will increase over the next few years; so will homes west of the river.
With the current trends; homes west of the river will increase in price before your home.

More importantly is what mortgage interest rates will do over the next few years. Mortgage rates are still very, very low. This will change. If interest rates go up 1 percent; it will even more hurt the chances of making a new home more affordable.

Check out: http://metrodchouses.smarthomeprice.com to see what your home is worth.
0 votes Thank Flag Link Wed Mar 26, 2014
The sales activity in Deanwood runs across the board. Investors are drawn to it and prices are beginning to climb. To answer your question, it depends on many things. I would be happy to provide you with a free assessment or analysis that may help in your decision.
0 votes Thank Flag Link Tue Mar 25, 2014
Hi Elle,

That depends, are you occupying the house or renting it?

If you are occupying and can afford to buy where you want and still rent out this house, that would be the ideal situation. I believe that neighborhood is still about 4-5 years away from being a "hot" neighborhood. It IS coming! DC's plans for all the infrastructure and development going in are going to dramatically change how buyers look at that area (think south of I395 before Nats Stadium), but they are just in the beginning stages. Once the new stadium for DC United is completed (they haven't even broken ground yet!) that is when things will really start to heat up.

Unfortunately, if your desire is to move back west of the river by the time all of the above happens, both prices and interest rates will have climbed significantly.
0 votes Thank Flag Link Tue Mar 25, 2014
The answer depends on your financial ability. While many neighborhoods eor will improve over the next several years, you should look at planning around transportation centers and near retail locations to guage how the development will affect your location. The general pattern is that homes in developing areas will still appreciate somewhat more slowly than in more developed areas.
A good rule of thiumb is that you should be in the best property in the best neighborhood that doesn't squeeze you too much financially, and that''ll contribute to your net worth the most expeditiously.
Larry Hodgson
0 votes Thank Flag Link Tue Mar 25, 2014
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